Bonnie and Clyde have a partnership to run their human resource management services firm. Account balances related
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Bonnie and Clyde have a partnership to run their human resource management services firm. Account balances related to their equity for the year ended 30 June 2016 are as follows:
Capital Balance 1 July 2015, Bonnie Capital Balance 1 July 2015, Clyde Additional investment, Bonnie Withdrawal of capital, Clyde Drawings, Bonnie Drawings, Clyde | $ | 120 000 100 000 32 000 15 000 18 000 20 000 |
Profit of $124 000 for the year was distributed evenly between the partners.
Required
Prepare a statement of changes in partner’s equity using both method 1 and method 2.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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